Overview

• Morgan Stanley forecasts nearly 500 million iPhone shipments in 2025 and 2026 due to Apple Intelligence.
• Analysts project an 11% revenue increase for Apple from 2024 to 2026, with a $273 price target.
• Apple Intelligence will initially be available to a limited number of devices, prompting widespread upgrades.
• The technology is seen as a key catalyst for a multi-year device refresh cycle.
• Apple's stock has risen nearly 20% this year, outperforming the S&P 500.